KUALA LUMPUR (Feb 21): Sunway Property, the real estate arm of Sunway Bhd, has set a sales target of RM2.6 billion for 2024 after achieving RM2.4 billion in sales and unbilled revenue of RM4.1 billion for the financial year ended Dec 31, 2023.

In a statement on Wednesday, the master community developer said that during the same period, it also delivered launches worth RM4.4 billion and holds total remaining landbank of 2,647 acres with a potential gross development value (GDV) of RM52.9 billion.

Sunway Property Managing Director Sarena Cheah said that while economic uncertainties persist, the developer remains optimistic about the property market's resilience, especially in Johor, where there are growth opportunities from projects such as the Johor Bahru-Singapore RTS Link and Johor-Singapore Special Economic Zone.

Cheah also said the developer plans to launch four new Signature Products nationwide, all of which are crafted based on the developer’s Sunway Design & Development Architecture (SDDA) and its four pillars of sustainability, innovation, health & wellness and lifestyle & new experiences.

She said in the Klang Valley, the developer is set to launch Sunway Velocity 3, the next phase of residential developments in Kuala Lumpur. In Johor, Sunway Aviana in Sunway City Iskandar Puteri will introduce new double-storey terrace homes.

The developer will also launch Sunway Bayu, comprising flexi-terrace homes located in Sunway City Ipoh, near Sunway Medical Centre Ipoh, which will be completed this year. Additionally, the upcoming Sunway Ipoh Mall with a gross floor area of 1.5 million square feet is expected to be completed by 2027.

Cheah said Penang will see the launch of Sunway Wellesley, a gated landed residential development in Bukit Mertajam.

As for the international market, Cheah said the developer expects to complete two projects this year — Parc Central and Ki Residences, which are projected to significantly boost the developer’s profit in 2024. She added that the developer is also expanding its footprint in Singapore, having won two new Executive Condominium sites in the last six months.

Regarding the China market, Cheah said that the developer would launch the next Tianjin Eco City phase with a GDV of over RMB380 million (RM243 million).

"Sunway Property will remain focused on exploring new opportunities for expansion and diversification via strategic landbank acquisition in China as well as emerging Southeast Asian markets, to ensure robust growth and sustainability for its international pipeline," she added.

Cheah reported that Sunway Property achieved over RM900 million in investment properties across its integrated townships in 2023, with a goal to complete an additional RM700 million in investment properties in 2024, concentrating on enhancing townships through its distinctive build-own-operate model.

This includes the expansion of wellness hubs across Malaysia, with Sunway Medical Centre Damansara and Sunway Medical Centre Ipoh set for completion in 2024.

Alongside aligning with Sunway Group’s commitment to achieve net zero carbon emissions by 2050, the developer will continue to have all of its assets completed by 2025 to be green-building certified and continue to invest in corporate social responsibility programmes to help those in need.

"With Sunway Group celebrating its 50th anniversary this year, we are all the more dedicated to developing safe and sustainable developments where communities can thrive for generations to come," said Cheah.